How often do you come across a great BRRR deal?

[Gurjot Grewal]

Last 3 weeks I have analyzed properties 2h daily. Some days more. Have made a few offers. I know I still have a ways to go. Nothing accepted yet. Got a great team in place, investing at a distance. 

How often do you find these great deals?

I feel I might be being too picky. Should I be more flexible with my criteria ? 

- post 1950 build 

- In a C+ or above neighbourhood 

- Cash flow positive 

- single or multifamily 

-5% vacancy, 10%pm, 15%(cap ex, regular maintenance) 

- would prefer a quicker turnover not a full gut rehab 

Been looking on market, and my agent brings me some off market deals as well. Looking for any tips to help me secure this first property. Or is this just the process and I just need to stick to it.  

[Andrew Postell]

@Gurjot Grewal you have some good responses above but I want to hit one something you mentioned - cash flowing.  Right now it is extraordinarily difficult to cash flow.  Keep in mind we make income 3 ways with rental properties - cash flow, appreciation, and principle buy down.  So if I lose one of those income sources I still have the other two.  When the market doesn't support cashflowing (which is does from time to time) that should mean we can pickup properties at a lower price point.  So if you are expecting to cash flow $300 per month, that equates to $3,600 per year.  So reduce your offer by $5,000 or so to compensate.  So if I pickup a property with $50,000 of equity...that would take me 12 years to equal that in cash flow.  Also keep in mind you will increase your rents next year, and the year after, and so forth.  Real estate is a long term play.

I make about 100 offers per year to do 2-3 properties per year.

Hope all of that makes sense.